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STRATEGIC PLANNING BY, RAHUL SHARMA

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STRATEGIC PLANNING PROCESS Strategic planning involves: Defining the company’s mission or purpose – also termed as service vision. Set the organizational objectives based on the mission. Specifically develop a strategy that will fit the organizational goal, resources & marketing opportunities. Functional strategies & budgets Functional objectives – HR, finance, Marketing, Operations Corporate strategy Corporate objective Corporate mission

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DEFINING ORGANISATIONS MISSION Every organisation requires to define purpose for which it is existing, what business they are in and who are their customers. The corporate mission defines the basis on which the entire business is carried out & also where it is going in the future. The key issue that need to be considered while writing out the mission statements are: To understand the business of service organization. The mission statements must be broadly defined. The audience for the mission statement should be considered carefully. To be market oriented rather than service oriented. Should be unique to the service firm.

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SETTING ORGANISATIONAL OBJECTIVES The objectives are quantitative statements & in most cases will be in terms of profitability or return on capital invested. Objectives that are based on quality may not be quantifiable. Objectives add to the purpose within an organisation & focus the efforts of the manager. Help to achieve consistency in the decision made at different points within the organisation. Organisation may have a variety of objectives: Profit objectives that feature prominently In the hierarchy of objectives. Growth objectives, especially in those industries operating in rapidly expanding market. A technical objective, mainly in those firms in which technology is an important element in gaining competitive advantage. Sales & market share objectives, in cases of growing & mature products. Quality as service objective.

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DESIGNING THE STRATEGY Objectives from the grounds on which the service firm determines what collection of business & service products fits the company’s resources against the external factors of the environment. Designing the strategy involves two major decisions: Analyze the current business portfolio and decide which business should receive more emphasis & resources. Develop growth strategies by adding new products or business to the current portfolio.

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(BCG MATRIX )

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(BCG MATRIX) Stars are the services with high market share & high market growth. They are probably new product in the market that is fast growing. They use as much cash as they generate. The question mark denotes a product that has a low market share but high market growth. This could be a product that has not yet reached a dominant position in the market. The cash cow has a large market share but low market growth. There is a reasonably stability with a lot of cash being generated but little being used. The dog has a low market share with low market growth. It has no real future & is drain on cash.

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(ANSOFF MATRIX) MARKET PENETRATION PRODUCT DEVELOPMENT MARKET DEVELOPMENT PRODUCT DIVERSIFICATION EXISTING EXISTING NEW NEW MARKET PRODUCT Market penetration: This is the strategy focuses on the existing products in the existing target market. This can be done by reducing price or through aggressive marketing policies. Market development: In this strategy the service firm seeks to find new groups of customers for their existing product range. This is done by expanding its sales in new geographical region or customer segment. Product development: an alternative strategy is to sell the new products for the existing markets. This is done by modifying the current service to suit the needs for the existing customer segment. Product diversification: organisation expands by developing new products for new markets. Diversification is risky, it helps the organisation to reduce dependency on a narrow market.

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FUNCTIONAL STRATEGIES OPERATIONS STRATEGY MARKETING STRATEGY FINANCE STRATEGY HRM STRATEGY CORPORATE STRATEGY INTEGRATED VIEW OF FUNCTIONAL STRATEGIES

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MARKETING PLANNING FOR SERVICES CORPORATE MISSION & OBJECTIVES SITUATION ANALYSIS (Internal analysis) (External analysis) 2. MARKETING OBJECTIVES 3. MARKETING STRATEGY 4. ACTION PLAN 6. FEEDBACK 5. BUDGET MARKETING PLANNING PROCESS

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BENEFITS OF MARKETING PLANNING Identification of future developments Consideration of opportunities & problem Focus on objectives Profitable employment of resources Facilities integration Essential prerequisite for control

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PROBLEMS IN MARKETING PLANNING Corporate inflexibility Lack of line management support Cost of planning Rapidity of environmental changes

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THANK YOU… OPEN FOR QUERIES…

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